资金获利了结，金价高位下挫

Report Industry Investment Rating - The investment rating for the gold industry is "Bearish" [1] Core Viewpoints of the Report - The price of gold has dropped from its high due to profit - taking by funds. Geopolitical risks have marginally decreased, and the market's expectations for tariff issues have not further deteriorated, which is negative for gold. In the short term, gold prices lack upward momentum, and there is a need to be aware of correction risks [1][3] Summary by Relevant Catalogs 1. Gold High - Frequency Data Weekly Changes - The domestic basis (spot - futures) decreased by 29.0% week - on - week, and the internal - external futures price difference (internal - external) decreased by 131.9%. The Shanghai Futures Exchange gold inventory increased by 2.8%, while the COMEX gold inventory decreased by 0.59%. The SPDR ETF holding volume decreased by 0.03%, and the CFTC gold speculative net long position decreased by 1.2%. The US Treasury yield remained unchanged, the US dollar index increased by 0.39%, the SOFR decreased by 1.4%, the US 10 - year breakeven inflation rate increased by 0.60%, the S&P 500 index increased by 1.9%, the VIX volatility index decreased by 21.2%, the gold cross - market arbitrage trading decreased by 3.0%, and the US 10 - year real interest rate increased by 3.0% [10] 2. Financial Market - Related Data Tracking 2.1 US Financial Market - The US overnight secured financing rate was 4.24%, oil prices increased by 3.3%, and the US inflation expectation was 2.29%. The US dollar index increased by 0.5%, the US Treasury yield dropped to 4%, the S&P 500 index increased by 1.9%, and the VIX index dropped to 16.4. The real interest rate rebounded to 1.73%, and the gold price dropped by 3.3%. The spot commodity index closed down, and the US dollar index increased by 0.5% [16][18][19] 2.2 Global Financial Market - Stocks, Bonds, Currencies, and Commodities - Developed country stock markets mostly rose, with the S&P 500 index increasing by 1.92%. Developing country stock markets also mostly rose, with the Shanghai Composite Index increasing by 2.88%. US Treasury yields declined while German Treasury yields rose, with a US - German yield spread of 1.4%. The UK Treasury yield was 4.43%, and the Japanese Treasury yield was 1.66%. The euro depreciated by 0.23%, the British pound depreciated by 0.87%, the Japanese yen depreciated by 1.49%, and the Swiss franc depreciated by 0.3%. The US dollar index increased by 0.53% to 98.9, and most non - US currencies depreciated [21][23][24] 3. Gold Trading - Level Data Tracking - The data on gold speculative net long positions was suspended due to the government shutdown, and the SPDR Gold ETF holding volume slightly decreased to 1046 tons. The RMB exchange rate fluctuated, and the discount of Shanghai gold narrowed. Gold and silver prices declined, and the gold - silver ratio rebounded to 85 [29][33] 4. Weekly Economic Calendar - Important events include Sino - US trade negotiations, the US President's visit to Japan, the release of the US August housing price index and October Conference Board consumer confidence, the Bank of Canada's interest rate meeting resolution, the Federal Reserve's interest rate meeting resolution, the Bank of Japan's interest rate meeting resolution, the European Central Bank's interest rate meeting resolution, the release of the US Q3 GDP, China's October manufacturing PMI, the eurozone's October CPI, and the US September core PCE [34]